Panel suggests relief to private companies and subsidiaries of foreign companies from Auditor rotation
Posted Date : 08-Dec-2016 , 08:38:09 am | Posted By CASANSAAR
The Standing Committee on Finance headed by Veerappa Moily has recommended that “justifiable relief” be extended to private companies and subsidiaries of foreign companies on the “auditor rotation” front.
The “justifiable relief” should depend upon their capi...
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Auditing |
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GST jurisdiction a difficult issue, hopeful of Apr roll-out - FM
Posted Date : 08-Dec-2016 , 08:28:49 am | Posted By CASANSAAR
Pinning hopes on quick resolution of the difficult issue of tax jurisdiction with States, Union Finance Minister Arun Jaitley has said that the Goods and Services Tax (GST) regime will be rolled out from April next year.
Addressing the valedictory ceremony of Petrotech 2016 in New Delhi last even...
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GST |
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PSU banks write off Rs 1.54 lakh crore bad loans
Posted Date : 07-Dec-2016 , 10:07:57 pm | Posted By CASANSAAR
Public sector banks (PSBs) have written off Rs 1.54 lakh crore of bad loans between April 2013 and June 2016, Parliament was informed today.
During 2013-14, all PSBs written off Rs 34,409 crore non-performing assets (NPAs). The amount increased further to Rs 49,018 crore in the following year.
...
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NPA |
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Bombay HC asks RBI to file response to PIL on blind unable to identify notes
Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR
The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...
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Banking |
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Axis Bank suspends 19 officials; Hires KPMG for forensic audit
Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR
Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation.
Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...
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Banking |
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Justice JS Khehar to be next Chief Justice of India
Posted Date : 06-Dec-2016 , 09:54:19 pm | Posted By CASANSAAR
Justice Khehar, who will be sworn in on January 4, will hold the tenure for over seven months till August 27, 2017.
Justice Jagdish Singh Khehar, who led the five-judge constitution bench in the Supreme Court which had struck down the controversial NJAC Act for appointment of judges, was on Tuesd...
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General |
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Expert panel on audit firms gets more time to submit report
Posted Date : 06-Dec-2016 , 09:07:58 am | Posted By CASANSAAR
A government appointed three-member panel looking into various issues related to audit firms has been given more time till January 15 to submit its report.
The group, headed by TERI Chairman Ashok Chawla, was set up by the Corporate Affairs Ministry in September following representations fr...
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Auditing |
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0 | Hits : 1083
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Government departments to make all payments above Rs 5000 electronically
Posted Date : 06-Dec-2016 , 08:59:35 am | Posted By CASANSAAR
The Finance Ministry on Monday said any payment by government departments or ministries above Rs 5,000 should be made electronically, lowering the threshold limit from Rs 10,000.
This move is intended to bring about a complete digitisation of payments, the ministry said in a statement.
All the...
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Category :
Banking |
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0 | Hits : 1034
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US fines Deloitte record $8mn over audit fraud in Brazil
Posted Date : 06-Dec-2016 , 08:38:13 am | Posted By CASANSAAR
A US accounting watchdog hit Deloitte's Brazil division with a record USD 8 million fine for issuing false audits of a US-traded Brazilian airline and then doctoring papers to thwart an investigation, the agency said.
Brazil-based Deloitte Touche Tohmatsu Auditores Independentes "k...
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Auditing |
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0 | Hits : 1487
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ED arrests 2 bank managers for money laundering
Posted Date : 06-Dec-2016 , 08:17:05 am | Posted By CASANSAAR
The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said.
“Banks have been advised to stop activity in eleven accounts,” the ED add...
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Banking |
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ISA-AT application forms date extended upto 10th Dec. 2016 - ICAI
Posted Date : 05-Dec-2016 , 09:42:46 pm | Posted By CASANSAAR
5th December 2016
Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
It has been decided that the last date for submission of application forms for ISA-AT scheduled to be held on 24th December 2016 has b...
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ICAI |
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0 | Hits : 1021
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Govt nudges shopkeepers to accept card payments
Posted Date : 05-Dec-2016 , 09:37:26 pm | Posted By CASANSAAR
As part of its efforts to promote digital payments after demonetising old high value notes, the government today nudged shop owners to use debit cards, saying it will reduce cash handling costs while digital transaction records will help them seek more funds from banks.
Merchants will benefit by ...
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Banking |
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0 | Hits : 857
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Verification of High Value Suspicious Declarations made under the IDS 2016
Posted Date : 05-Dec-2016 , 08:43:41 am | Posted By CASANSAAR
An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent (45%) of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016.
On 1st Octob...
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Category :
Black Money |
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Income Tax department rejects black money disclosures of over Rs 2 lakh crore
Posted Date : 04-Dec-2016 , 11:06:25 pm | Posted By CASANSAAR
The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind th...
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Category :
Income Tax |
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0 | Hits : 1018
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Depositing black money in banks will not make it white - FM
Posted Date : 03-Dec-2016 , 08:49:23 pm | Posted By CASANSAAR
What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash.
Jaitley said, “...
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Category :
Banking |
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No consensus at GST Council, Next Meet on December 11-12
Posted Date : 03-Dec-2016 , 08:35:34 pm | Posted By CASANSAAR
For the third time in one month, the GST Council on Saturday failed to break deadlock over control of assessees under the new indirect tax regime, an issue that has been holding up supporting bills essential for the GST rollout from April 1 next year.
The Council, headed by Finance Minister Arun ...
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Category :
GST |
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Government intends to implement GST by 1st April next year - FM
Posted Date : 03-Dec-2016 , 07:39:22 am | Posted By CASANSAAR
The Two Days Goods and Services Tax,GST Council meeting is underway in New Delhi. It will dwell on the issue of jurisdiction over assesees and draft model laws for implementation of the GST regime from April next year. The meeting is being chaired by Finance Minister Arun Jaitley.
The GST Council...
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GST |
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0 | Hits : 1069
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Businessman declares Rs 13680 crore under disclosure scheme, goes missing
Posted Date : 02-Dec-2016 , 11:03:46 pm | Posted By CASANSAAR
A property dealer who approached the Income Tax department with a disclosure of a whopping Rs 13,680 crore minutes before the voluntary declaration scheme lapsed on September 30 has now gone missing, according to his chartered accountant.
Mahesh Shah, 67, originally hails from Ahmedabad but has b...
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Category :
Income Tax |
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0 | Hits : 2128
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ICAI invites suggestions on revised Model GST Law
Posted Date : 02-Dec-2016 , 10:40:23 pm | Posted By CASANSAAR
Your feedback / concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us. CBEC has now released revised draft Model GST Law in the public domain. The same can be viewed at the below link:
http://idtc-icai.s3.amaz...
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ICAI |
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0 | Hits : 1111
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Govt suspends 27 public sector bank officials over ‘illegal’ transactions
Posted Date : 02-Dec-2016 , 09:59:29 pm | Posted By CASANSAAR
The union Ministry of Finance has suspended 27 officials of public sector banks and transferred six to non-sensitive positions over allegations of illegal transactions as the central government continues to plug holes after its announcement to invalidate old high-value banknotes of Rs 500 and Rs 100...
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Banking |
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0 | Hits : 1262
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Constitutional compulsion to roll out GST from Sep next - FM
Posted Date : 02-Dec-2016 , 05:51:27 pm | Posted By CASANSAAR
Citing constitutional compulsion, Finance Minister Arun Jaitley today sought to drive home the point that the Goods and Services Tax has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenu...
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Category :
GST |
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0 | Hits : 855
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RBI cautions against fake notifications on social media
Posted Date : 02-Dec-2016 , 08:32:01 am | Posted By CASANSAAR
In view of the numerous notifications being issued by the RBI post the November 8 demonetisation measure, India's central bank on Thursday cautioned people on fake instructions being published in its name by "unscrupulous elementson" over social media.
"It has been reported t...
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RBI |
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0 | Hits : 1475
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NIRC Premier League 2016 - Match Result & Points Table
Posted Date : 01-Dec-2016 , 04:53:30 pm | Posted By CASANSAAR
NIRC Premier League 2016 - Points Table & Every Match Result.
Total 24 Teams are playing in NIRC Premier League. 6 Groups has been formed, Every Team will play 3 matches in each Group. Quarter Final will be in Top 6 Team from Each Group & 2 Top Teams as per NRR.
Every Team had pl...
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General |
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No tax on ancestral jewellery, purchase from disclosed income
Posted Date : 01-Dec-2016 , 04:31:25 pm | Posted By CASANSAAR
Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today.
The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up t...
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Income Tax |
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0 | Hits : 1394
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Reliance Jio extends free voice & data till March 2017
Posted Date : 01-Dec-2016 , 04:21:40 pm | Posted By CASANSAAR
Industrialist Mukesh Ambani-led Reliance Jio on Thursday announced to extend the freebies including free voice call, and data services till March 31, 2017 through “Jio Happy New Year” offer, a move seen to rapidly double the Jio subscribers to over 100 million from 52 million now.
&ld...
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General |
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0 | Hits : 782
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Old Rs 500 notes valid at petrol pumps, for airline tickets till tomorrow
Posted Date : 01-Dec-2016 , 04:16:30 pm | Posted By CASANSAAR
The deadline for using old 500 rupee notes at petrol pumps and buying airline tickets at airports has been cut short to tomorrow from the 15th of this month announced earlier. A government notification said, old notes will continue to be accepted for the other utility bill payments as well as at rai...
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Banking |
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0 | Hits : 881
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GET free of cost 10 unstructured CPE hours on a Self declaration for 2016
Posted Date : 01-Dec-2016 , 08:21:31 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI for the calendar year 2016. Current Block for Compliance of CPE Hour is from 01.01.2014 to 31.12.2016. Members, who have not filed self deceleration for Calendar Year 2016, can file the same now.
...
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ICAI |
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1 | Hits : 4672
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New Regime of Insolvency and Bankruptcy Code from today
Posted Date : 01-Dec-2016 , 08:13:19 am | Posted By CASANSAAR
Marking the start of a "new regime", the Insolvency and Bankruptcy Code is all set to be operational from today while as many as 15 insolvency professionals have been registered under it.
Describing the Code as the next major reform undertaken by the government after GST (Goods an...
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Finance |
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0 | Hits : 1235
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NGOs need to register with NITI Aayog for grant-in-aid: Govt
Posted Date : 01-Dec-2016 , 08:05:15 am | Posted By CASANSAAR
The Government has said, it is now mandatory for all Non-Governmental Organisations, NGOs and voluntary outfits to register with the NITI Aayog to receive grant-in-aid from Ministries and Departments of the Central government.
Minister of State for Planning Rao Inderjit Singh said this in a...
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General |
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0 | Hits : 1080
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National anthem must be played before screening of films - SC
Posted Date : 30-Nov-2016 , 05:26:49 pm | Posted By CASANSAAR
The Supreme Court today directed that cinema halls across the country must play the national anthem before the screening of a film and people should stand up as a mark of respect.
The court also directed that the national flag should be shown on screen when the anthem is played.
"People m...
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General |
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0 | Hits : 977
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